You're sitting on an overload of data. Use it to reduce customer churn.

Information. Overload.

You know that feeling; the burden of too much information bombarding you from too many sources.  Well guess what?  Your customers are feeling it too.

While you might convince yourself, when you’re in the thick of things at work, that the emails, telemarketing, and targeted promotions that your team runs in support of customer retention are brilliant and reaching their targets, you also know how frustrated you get when your cable company calls to offer you a service you already have.  Suddenly, you wonder, if your team’s efforts are contributing to your customers’ information overload and if you’re really being effective in reaching them?

So how do you really reach that sweet spot of customer communications, the place where messages, based on real-time insights, are personalized, relevant and stand-out from the huge volumes of information your customers receive every day?   While this seems like a straightforward task, the reason that most companies aren’t able to provide this level of customer experience is because it’s difficult to take all the data you already have on hand about your customers and turn it into useable information.

The key to success lies in analytics.  By mining and analyzing the data you have, you gain better insights into their needs, preferences, and their likely behaviors.  This insight enables the development of strategy and that strategy enables clear, effective communications that customers value and prioritize when making choices about which services and companies to use.

We recently did an in-depth study of how analytics can reduce customer churn with a Pitney Bowes Software client.  And, while we’ll go into more depth on that case study in next week’s post, there were some obvious successes including:

• Deeper customer engagement across all inbound and outbound interactions
• Uplift in customer lifetime value
• Improved customer satisfaction scores
• Improved employee satisfaction in its contact center

To learn more about how analytics can reduce customer churn click here.